Purpose of the Bill

The bill aims to continue support for farmers in financial distress by extending the farmer-lender mediation program. This program provides mediation between farmers and lenders to negotiate debts and avoid foreclosure.

Main Provisions

• Extension of Expiration Date: The bill amends the expiration date for the relevant sections of Minnesota Statutes, extending the farmer-lender mediation program. The new expiration date is set for June 30, 2032.
• Reauthorization: By extending the expiration, the bill ensures the continuation of the state’s support in providing structured mediation services for farmers facing financial challenges.

Significant Changes

• New Expiration Date: Previously due to expire in 2027, the program is reauthorized until 2032, providing five additional years of mediated negotiation opportunities between farmers and their creditors.

Relevant Terms

farmer-lender mediation, financial distress, foreclosure, agricultural support, debt negotiation, Minnesota Statutes